Greystar has announced the closing of University Drive, a new student housing development located at Pennsylvania State University. The real estate transaction represents the second student housing investment executed via the infrastructure platform at Greystar. The project also represents the third student accommodation development partnership between Greystar and JLC Infrastructure.

The new University Drive complex will consist of four podium-style buildings. The completed development will provide 1,505 beds distributed across 703 residential units. The site is positioned at the northeast corner of the Penn State University Park campus. The location sits within a 10-minute walk of the Pollock Commons dining hall, rests adjacent to local athletic facilities and connects directly to the CATA Blue and White Loop bus routes.

“We are excited to partner with Penn State on their first P3 student housing project with the goal to deliver a high-quality housing option for the University’s population. With a strong focus on walkability, community spaces and connectivity to campus resources, the project is designed to enhance the student experience while helping meet the University’s growing housing needs,” said George Hayward, Managing Director for Greystar Development.

The delivery of the project is organised through a joint partnership involving Greystar, Penn State and JLC Infrastructure.

“University Drive is a massive win for the campus community, offering an unmatched location that keeps students right in the center of academic and athletic life. There is immense energy behind this project, and we couldn’t be more excited to mark our third partnership with Greystar for a project that is designed to deliver a modern, vibrant residential hub that truly elevates the Penn State student experience,” said Marlon Smith, Managing Director at JLC.

“We’re pleased to support a development seeking to serve a growing demand and to create lasting value for students, the university and the broader community. We are excited to help bring this development to life alongside Penn State and our project partners,” said Michael Hoverman, Executive Director of Infrastructure for Greystar.

“This is an exciting project for Penn State, as it’s a new way for us to meet the unmet demand for student housing on campus,” said Sara Thorndike, Senior Vice President for Finance and Business/Treasurer and Chief Financial Officer of Penn State. “The complex will provide a variety of much needed on-campus housing, and non-first-year students will have the opportunity to secure a lease from Greystar.”

Construction work on the campus site commenced in June 2026. The developers have targeted the delivery of Phase I for May 2028, which lands ahead of the Fall 2028 academic year. The developers plan to deliver Phase II of the accommodation project ahead of the Fall 2029 academic term.